Telehealth Company Maple Corporation Raises $75 Million

Maple Corporation (Maple), a virtual care provider in Canada, announced $75 million from Drug Mart Inc, a wholly-owned subsidiary of Loblaw Companies.

The company also said that its virtual care service is currently available in more than 160 Shoppers Drug Mart locations in British Columbia. Before the COVID-19 pandemic, the two companies worked together to make virtual care more accessible. According to the company, this initiative enabled nearly 20,000 virtual care visits in less than a month.

Maple, founded in 2015, has raised approximately $100 million to date. The company employs less than 200 people with an office in Toronto, Ontario.

“The COVID-19 pandemic has proven that Canadians need new ways, particularly virtual ways, to get access to care,” said Jeff Leger, President, Shoppers Drug Mart. “We know that the future of healthcare is digitally enabled. We believe that our store network and infrastructure, combined with Maple’s technology, can help better connect Canadians to the healthcare support they need, whenever and wherever they are.”

Maple allows patients to connect directly with doctors and specialists for medical care in minutes from their smartphone or computer 24/7 and provides custom technology solutions for employers, insurers, hospitals, and clinics.

“We’ve watched virtual care solve some of the most complex healthcare issues around the globe, as well as right here in Canada through our own programs,” says Dr. Brett Belchetz, CEO and Co-Founder of Maple. “We’re thrilled to work hand-in-hand with Shoppers Drug Mart to bring the reliable, convenient, and high-quality access to care that we’ve developed over the past five years to more Canadians than ever before.”

Telehealth companies raised almost $2 billion in the first half of 2020, according to the Mercom latest report. Recently, Medefer, a Care Quality Commission (CQC) registered virtual healthcare provider, raised £10 million (~$13 million) in a funding round led by Nickleby Capital, an investment firm. Hazel Health, a telemedicine startup, raised $33.5 million in a Series C funding, led by Owl Ventures and Bain Capital Ventures, with additional funding by Uprising, UCSF Foundation Investment Company, and Centene Corporation.

Learn more about other telehealth funding deals.

Image Credit: Maple Corporation